BAIRUN CORPORATION(SZ:002568) Hua Xia Shi Bao·2025-10-23 09:31Core Viewpoint - Liu Xiaodong, the chairman of Bairun Co., Ltd. (002568.SZ), has completed a significant share reduction, cashing out approximately 1.47 billion yuan, amid ongoing challenges in the pre-mixed cocktail industry and declining performance since 2024 [2][3]. Company Overview - Bairun Co., Ltd. is a leading player in the pre-mixed cocktail industry, primarily known for its RIO brand. The company has faced dual pressures from a weak consumer environment and intensified competition [2][5]. - The company has been investing heavily in the liquor segment, particularly whiskey, but has not yet seen significant growth from this business line [2][5]. Shareholding Changes - Liu Xiaodong reduced his stake in Bairun Co. by 6.01%, bringing his ownership down from 40.59% to 34.58%, while still retaining control of the company [3][4]. - The share transfer introduced Liu Jianguo as a new major shareholder, holding 6.01% of the company, which may lead to a more diversified shareholder structure [3][4]. Financial Performance - Bairun Co. reported a decline in revenue and net profit for 2025, with revenue at 1.49 billion yuan, down 8.56% year-on-year, and net profit at 389 million yuan, down 3.32% year-on-year [5][6]. - The company's liquor products, which account for 87.1% of revenue, saw a 9.35% decline in revenue, with sales volume dropping from 17.215 million boxes in the first half of 2024 to 15.033 million boxes in the first half of 2025 [5][6]. Market Trends - The liquor market is undergoing structural changes, with a shift in consumer preference from pre-mixed cocktails to lower-alcohol beverages like fruit wines and sparkling wines [5][6]. - Bairun Co. is responding to market trends by launching new products in its pre-mixed cocktail line, including limited editions and new flavors [6][7]. Investment in Liquor - Bairun Co. has made substantial investments in whiskey production, with plans to invest 1.56 billion yuan in malt whiskey aging projects and 700 million yuan in a liquor brand cultural experience center [7][8]. - Despite these investments, the new liquor products have not yet contributed positively to the company's financial performance, as the domestic whiskey market remains small and dominated by international brands [7][8].